BTCUSD Medium-term Trend: Bearish
Resistance Levels: $6,500, $6,600, $6,700
Support Levels: $6,300, $6,200, $6,100
Yesterday, June 12, price of Bitcoin had been fluctuating below and above the price of $6,800. Also, the MACD line and the signal line indicated a sell signal for the price of Bitcoin but were neutral as to the continuity of the bearish trend. Today, price of Bitcoin is in a bearish trend. A bearish trend line is drawn showing the resistance levels of Bitcoin in a downtrend.
The first resistance was at the price of $6,800 where price was consolidating. If you are following the downtrend, a trader could have taken a short trade at the price of $6,800. They could have made partial profits as the price fell to the low of $6,400. There are indications that the asset will reach the low of $6,000. If that is the case, a short trade can be placed at the price of $6,400.
The MACD line and the signal line are below the zero line indicating a sell signal. Also, the 12-day EMA and the 26-day EMA are above the price bars of Bitcoin indicating that bearish trend may continue.
BTCUSD Short-term Trend: Bearish
On the daily chart, price of the asset is in a bearish trend. In this chart, MACD line and the signal line are below the zero line indicating a sell signal for day traders. In addition, the 12-day EMA and the 26-day EMA are neither above nor below the price bars of Bitcoin indicating a neutral signal. The moving averages are at par with the price bars
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